This social media platform is positioned in such a way that it establishes the very first market-mass cryptocurrency platform that combines various features. With its experience over the years in the distributed data storage industry, this platform seeks to create a cryptocurrency called “TON”.
This cryptocurrency is a value transfer mechanism and also a decentralized supercomputer. With the combination of a top-notch security system and a fast transaction time, this platform can become the perfect alternative for MasterCard and Visa for a decentralized economy.
According to the white paper of the platform and a recent ICO Press Release the main aim of the ICO is to raise about $1.2 billion, half of this money coming from the public sales and the other from the private sales. The recent Securities and Exchange Committee inquiries that have been going on for a couple of weeks has revealed that the platform has raised that exact money from the sale of tokens. According to a statement that was released by Wall Street Journal, this platform is seeking to close its public sale of tokens. This news is coming as a shock to hundreds of investors who are hoping to at least make gains from this billion-dollar blockchain project. The statement went further to state that the close of the public sale was as a result of the interest and inquiries that have been started by the Securities and Exchange Committee and a host of other regulatory bodies and lawmakers since the platform announced its ICO sales.
To better explain the reason for the closure of the public sales, you will find it interesting to know that the crypto token called “TON” (Telegram Open Network) has not been developed and even launched and investors are buying the token with the hope that there would be a future increase in the price in the coming years. Based on the Supreme Court criteria for a project being classed as a security, the Telegram ICO fits the profile as no one investor has received any amount for the token and they are being brought under the simple agreement for future coin or token framework.
Some are of the opinion that the public sales were called off because the platform has already made all the money that it desires and so does not need to continue the ICO project. The first phase of the ICO which was launched in February raised over $850 million from a total of 81 investors around the world. Just a few weeks later, the platform announced that it has raised over $850 million again in March from 94 investors around the world. These two sales combined gave the platform a combined $1.7 billion with less than 200 private investors.
The money raised from this ICO would be used to fund the platform’s messaging platform and also add more exciting features to ensure that users get the real social media experience. With the help of the blockchain technology, this platform will be an alternative to Visa and MasterCard.